THE OTHER 5 TRILLION MARK

In our 75th year of independence, we Indians revisit our collective and individual dreams. As a civilisational nation – the last surviving civilisation – we have to talk honestly about our problems if we want to face them head-on. I thought of calling them the ‘other 5 trillion’, which we need to overcome. One may not be able to quantify accurately but these problems are old, deep rooted, and rancid. The list is not exhaustive and yet it is a drag on the 5 trillion economy dream.

1.    Infinite compliances: India is obsessed, almost drunk on compliance. British rule continues through these compliances. Look at Schedule III – which requires converting numbers in thousands, lacs and crores. But GST returns, XBRL, or ITRs require exact numbers filled. Duplication, laws without timelines, discretion, the list is infinite. Charity Commissioner of Maharashtra: One lady sits on a tall bench and ‘passes’ an order if you wish to add a Trustee to a Trust. It’s not her money in the trust, the trust doesn’t even take public funds, it’s a family trust to do Charity, has no immovable property, but she can bully you and ‘take rent’ for approving something as basic as appointing a Trustee. PM has also talked about these matters to Babudom, but nothing much has happened. ‘Government is not a team. It is a loose confederation of warring tribes.’ – Sir Humphrey Appleby.

2.    Corrupti

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